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Finding budget line, intercepts and slope in the given case

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Imelda spends her entire income on shoes and hats. Draw a budget line, intercepts and slope if her monthly income is \$1000 and the price of shoes is \$8 and the price of hats are \$10.

Solution Summary

The solution depicts the methodology to find budget line, intercepts and slope in the given case.

Solution Preview

Please refer attached file for graph.

Let x denotes the number of shoes and y denotes number of hats
that can be purchased.

Monthly income=I=\$1000
Price of shoe=p1=\$8
Price of hat=p2=\$10
Budget line will be given ...

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• BEng (Hons) , Birla Institute of Technology and Science, India
• MSc (Hons) , Birla Institute of Technology and Science, India
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